23rd Oct 2018 17:24
LONDON (Alliance News) - JPMorgan Global Emerging Markets Income Trust PLC said Tuesday it overperformed its benchmark in the year ended July delivering a total return of 6.6%.
For the year to July 31, the company's benchmark index, the MSCI Emerging Markets Index, total return was 4.9%. The firm's total return to shareholders for the year, including dividends, was 3.5%.
"While the first half of the fiscal year saw emerging markets continuing to make good progress, in the second half of the year markets have declined sharply due to a combination of factors including mounting trade tensions, a stronger US dollar and rising interest rates," the company explained.
Revenue for the year came in at GBP21.4 million, up from GBP19.9 million a year ago. Net revenue return per shares increased to 5.79 pence from 5.54p.
In the current financial year, the board paid three interim dividends of 1.0p per share and has announced a fourth interim dividend of 2.0p per share. This brings the total dividend for the year to 5.0p, a 2% increase from last year.
Looking ahead, the company said it recognises the macroeconomic and political challenges facing businesses in the emerging markets, particularly after the "recent stream of negative news".
"However, the outlook for the company is far from gloomy. The companies in the portfolio are well managed, have good growth prospects and healthy balance sheets," it added.
"The board therefore continues to have confidence in the ability of these businesses to generate attractive long term returns for shareholders."
JPMorgan Global Emerging Markets shares closed down 2.9% Tuesday at 115.51p.
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